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IMF/ UK
STORY: IMF/ UK
TRT: 2:11
SOURCE: UK POOL
RESTRICTIONS: NONE
LANGUAGES: ENGLISH / NATS
DATELINE: 6 JUNE 2011, LONDON, UNITED KINGDOM / RECENT
6 JUNE 2011, LONDON, UNITED KINGDOM
1. Wide shot, press conference
2. SOUNDBITE (English) John Lipsky, Acting Managing Director, International Monetary Fund:
“Naturally, these developments raise the questions whether it’s time to adjust the macroeconomic policy strategy. According to IMF analysis, the answer is no. We expect that the deviations from the economic forecast that had been projected to be largely temporary.”
RECENT – LONDON, UNITED KINGDOM
3. Pan down, Miss Selfridge
4. Med shot, shoppers walking by with bags
6 JUNE 2011, LONDON, UNITED KINGDOM
5. SOUNDBITE (English) John Lipsky, Acting Managing Director, International Monetary Fund:
“Although the unemployment rate is unexpectedly high, it appears to have stabilized. It’s encouraging that employment growth has picked up recently. So, real GDP growth is expected to reach around 1.5 percent this year, representing a slight downward revision to our projection in our April update of our World Economic Outlook forecast.”
RECENT – LONDON, UNITED KINGDOM
6. Pan down, from Bank of England
6 JUNE 2011, LONDON, UNITED KINGDOM
7. SOUNDBITE (English) John Lipsky, Acting Managing Director, International Monetary Fund:
“Despite its increased resiliency, the UK financial sector definitely remains in recovery phase. Given the domestic and global importance of the financial system here, it’s of key importance that institutions, markets and infrastructures are subject to first rate regulation and best practice supervision. Further improvements in the quality of supervision will be required to reach this demanding standard.”
8. SOUNDBITE (English) John Lipsky, Acting Managing Director, International Monetary Fund:
“Right now the program that we are supporting, that has been approved and which the latest package is intended to put back on track does not contemplate debt restructuring.”
9. Wide shot, press conference
The International Monetary Fund (IMF) Acting Managing Director John Lipsky said Monday that although Britain’s economy will grow slowly in 2011, the slowdown should be temporary and the UK should return to a 2.5 percent growth rate over the next five years.
Lipsky spoke at the conclusion of the IMF’s yearly consultations with the Treasury and Bank of England as part of the IMF’s annual check-up of the UK economy.
Lipsky added that inflation is likely to remain above 4 percent for most of 2011.
“Naturally, these developments raise the questions whether it’s time to adjust the macroeconomic policy strategy. According to IMF analysis, the answer is no. We expect that the deviations from the economic forecast that had been projected to be largely temporary,” Lipsky said.
The Acting Managing Director’s visit to Britain was the first stop on a tour of the big five global economies. Later this week, he will meet with the governments of Japan and China. Meeting with the authorities in the Eurozone and the US are scheduled for later in June.
The outlook for the UK is mixed overall.
“Although the unemployment rate is unexpectedly high, it appears to have stabilized. It’s encouraging that employment growth has picked up recently. So, real GDP growth is expected to reach around 1.5 percent this year, representing a slight downward revision to our projection in our April update of our World Economic Outlook forecast.”
Lipsky said that the UK authorities should continue to work toward stronger regulation of the financial sector and implementing these policies within the European Union.
“Despite its increased resiliency, the UK financial sector definitely remains in recovery phase. Given the domestic and global importance of the financial system here, it’s of key importance that institutions, markets and infrastructures are subject to first rate regulation and best practice supervision. Further improvements in the quality of supervision will be required to reach this demanding standard,” Lipsky said.
The European Commission, the European Central Bank and the IMF just completed a review mission to Greece on Friday. Lipsky said the economic and financial policies agreed on will help generate conditions for the economy to grow and become more competitive, creating jobs.
“Right now the program that we are supporting, that has been approved and which the latest package is intended to put back on track does not contemplate debt restructuring,” Lipsky said.
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